US economic downturn could get 'very serious' as Fed risks crushing demand with rate hikes: Judy Shelton

[SassyIrishLass]

And we are NOT in a recession! New rules!



Unreal

We've been in a recession since spring

 

[Ray From Cleveland]

Again, Last week Jerome Powell straight up said the labor market must soften to reduce demand.

The Biden admin really screwed the pooch.

You idiots who voted for this asshole fucked the planet. Thanks.

They don't know how badly either. The US produces fuel the cleanest out of just about any country. Now that we have to get energy from other places, we are actually causing more global warming gasses.

 

[Lisa558]

I am surrounded by government workers (all liberals) who have job security, inflation-based raises, and generous inflation-based pensions who are saying that things aren’t all that bad - and continue to insult people who voted for Trump.

Too bad “government workers” (that’s an oxymoron for you) get to vote. They are protected from the consequences of their own bad decision.

 

[Lisa558]

And the assholes will still vote for this garbage

….while they mock Trump voters right to their faces.

 

[ColonelAngus]

They don't know how badly either. The US produces fuel the cleanest out of just about any country. Now that we have to get energy from other places, we are actually causing more global warming gasses.

These fucking dumb asses are too stupid to understand that very obvious point.

I have pointed that put repeatedly.

The cult is very stupid.

 

[SassyIrishLass]

….while they mock Trump voters right to their faces.

I'm totally done with leftists, demoquacks, so called "libertarians" and progtards

 

[Ray From Cleveland]

These fuck dumb asses are too stupid to understand that very obvious point.

I have pointed that put repeatedly.

The cult is very stupid.

Dumb asses figure as long as it's not happening in my backyard, it isn't happening.

 

[B. Kidd]

They don't know how badly either. The US produces fuel the cleanest out of just about any country. Now that we have to get energy from other places, we are actually causing more global warming gasses.

The cultists haven't figured this one out yet!
This is what happens when Ivy League faculty lounge theory's, rub up against REALITY!!

 

[ColonelAngus]

The cultists haven't figured this one out yet!
This is what happens when Ivy League faculty lounge theory's, rub up against REALITY!!

My mother and I discussed this EXACT point about 3 hours ago.

A bunch of classroom experts. No real world experience.

 

[Ray From Cleveland]

The cultists haven't figured this one out yet!
This is what happens when Ivy League faculty lounge theory's, rub up against REALITY!!

See no evil, hear no evil. That's what the people at Martha's Vineyard thought too. Yeah, there is illegal immigration, but I don't think it's that big of a problem. Only 50 of those MF's `got off a plane where they live and now it's the end of the Fn world.

 

[B. Kidd]

My mother and I discussed this EXACT point about 3 hours ago.

A bunch of classroom experts. No real world experience.

You're very aware and smart people!

 

[BluesLegend]

The Biden/Dem financial collapse is picking up steam. Biden/Dem gas reached a new high here this week at $5.77 a gallon. The price of everything is through the roof. Crime is everywhere, they cut your catalytic converter off your car in broad daylight in our Dem run state. Mobs of illegals everywhere. Trash and homeless tarp tents everywhere.

 

[Flopper]

These fucking dumb asses are too stupid to understand that very obvious point.

I have pointed that put repeatedly.

The cult is very stupid.

In 2021, the United States exported about 8.54 million b/d of petroleum to 176 countries and 4 U.S. territories and imported about 8.47 million barrels per day (b/d) of petroleum from 73 countries. So we exported .07 million barrels per day more than we imported. The whole idea of energy independence is a bit naïve because oil is not a single homogenous product. There is light and heavy crude which maybe sweet or sour depending on the Sulphur content. Where crude is refined will depend on type. Heavy crude can not refined in a refinery designed for light crude and Sulphur content also effects where it can be be refined. Other factors that determine where crude get's refined is how much the refinery is will pay for the oil which depends local supply and demand and cost of transport.

 

[Ray From Cleveland]

In 2021, the United States exported about 8.54 million b/d of petroleum to 176 countries and 4 U.S. territories and imported about 8.47 million barrels per day (b/d) of petroleum from 73 countries. So we exported .07 million barrels per day more than we imported.

That still qualifies us as energy independent.

 

[Flopper]

That still qualifies us as energy independent.

It gets complicated. The US produces virtually all light crude which is used mostly to manufacture motor fuel. However, we need heavy crude to manufacture plastics and many petroleum products. So we have to import almost all heavy crude which is refined in a number of US refineries.

We produce enough light crude to supply almost all our gasoline requirements. However 35% comes from international partners, primarily Canada and Mexico because we do not have enough refining capacity.

Being energy independent is more about building refineries than drilling wells. Since we don't have hardly any heavy crude, we will always be importing it.

I hear people saying we don't need all these imports from other countries, we can make everything we need which is just not true. We lack manganese, niobium, strontium, tantalum, and tin which are used in many manufactured products. Cobalt and lithium which is used to make EV battery as well as other batteries is not a major resource found in the US. The US has less 1% of the world's supply of Cobalt and we produce less 2% of the lithium.

 

[Ray From Cleveland]

It gets complicated. The US produces virtually all light crude which is used mostly to manufacture motor fuel. However, we need heavy crude to manufacture plastics and many petroleum products. So we have to import almost all heavy crude which is refined in a number of US refineries.

We produce enough light crude to supply almost all our gasoline requirements. However 35% comes from international partners, primarily Canada and Mexico because we do not have enough refining capacity.

Being energy independent is more about building refineries than drilling wells. Since we don't have hardly any heavy crude, we will always be importing it.

I hear people saying we don't need all these imports from other countries, we can make everything we need which is just not true. We lack manganese, niobium, strontium, tantalum, and tin which are used in many manufactured products. Cobalt and lithium which is used to make EV battery as well as other batteries is not a major resource found in the US. The US has less 1% of the world's supply of Cobalt and we produce less 2% of the lithium.

People who make that claim have no understanding how fuel is sold. All fuel is a commodity and as such, worldwide. Energy independence means we export more than import which hasn't been done since the 1950s. In 2019 we reached that goal and of course prices reflected this great accomplishment. When the Democrats were in charge they made so many regulations on refining that it was impossible to erect new refineries and thus keep up with demand.

 

[Flopper]

People who make that claim have no understanding how fuel is sold. All fuel is a commodity and as such, worldwide. Energy independence means we export more than import which hasn't been done since the 1950s. In 2019 we reached that goal and of course prices reflected this great accomplishment. When the Democrats were in charge they made so many regulations on refining that it was impossible to erect new refineries and thus keep up with demand.

In 2021, the United States imported about 8.47 million barrels per day (b/d) of petroleum
In 2021, the United States exported about 8.54 million b/d of petroleum
We are exporting more than we importing.

Today, we have 128 operable refineries with total crude distillation capacity running at 87% of 17.9 millions b/d. Total US production is 18.6 which is not a problem because there is excess refining capacity from trading partners, primarily in Mexico and Canada. Production in the US refineries could increase by as much as 10% if the oil companies chose to do so. However, increasing production and driving prices down is not high on the list of priorities of oil companies. Oil companies could reduce the 264 million barrels of gasoline being exported which would drive gas prices down in the US. Of course they're not going to do that. It is a lot more profitable to sell gas to countries where gas cost $8 a gallon than in US.

We should not be building any more refineries in the US for a number of reasons. The life of most refineries in 80 to 120 years. Oil consumption in the US will be going down long before those refineries reach their end of life and we will be refining oil for China. The health risks of working in or living near a refinery are well known and documented. There is increased risk of asthma, cancers, birth defects, neurological damage, cardiovascular damage, difficulty breathing, and blood disorders, and of course ground water pollution.

Biden's war with refiners and their push back is all pure politics. The oil companies are certainly not going to build more refiners in the US because the war in Ukraine will likely be done before any new refinery could be built and there will be a million b/d of Russian oil flowing onto the world oil market. Secondly, if estimates of EV sales by 2030 and 2035 or anywhere close, then there will be a drop in gasoline usage in the US. Lastly the cost of building a new large scale refinery would average about 10 billion dollars and time required is 5 to 7 years. The payback time would be about 20 year after it was brought on line and there is an awful lot can happen to demand over the next 20 to 30 years in the US.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

Are We on the Brink of an Electric Vehicle Boom? Only with More Action

Recent data suggests passenger electric vehicles are poised for exponential growth over the next decade. But will this change occur fast enough to decrease transportation emissions enough to prevent dangerous climate impacts?

www.wri.org

 

[Harpy Eagle]

TheReaper says: If there is a wrong choice to be made here you can bet that Taliban Joe will make it.

The POTUS does not control the Fed or make decisions for them.

If you ever graduate high school you will learn this

 

[Harpy Eagle]

Energy independence means we export more than import which hasn't been done since the 1950s. In 2019 we reached that goal and of course prices reflected this great accomplishment.

and we are doing it now, which is also a great accomplishment, right?

 

[Flopper]

The POTUS does not control the Fed or make decisions for them.

If you ever graduate high school you will learn this

The biggest effect the Potus has on the economy is appointment of the FED Chairman and the governors. The congress has next greatest effect on the economy. However, both are eclipsed by the American consumer. The Federal Reserve and congress can take actions to help persuade the American consumer to spend more or less.